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Virgin Orbit

US
commercialFounded 2017
Long Beach, California, United States
virginorbit.com
Admin Edit

Verified facts grounded in source documentation.

Virgin Orbit conducted an ill-fated debut launch from southwest England in 2023 that contributed to the collapse of its U.S.-based horizontal launch business.

NARRATIVE GENERAL7/23/2024European Space Agency to expand UK presence

The QPS-SAR-5 satellite was originally scheduled to launch on Virgin Orbit’s LauncherOne before Virgin Orbit filed for bankruptcy in April and was liquidated.

NARRATIVE GOVERNANCE12/15/2023Electron returns to flight with successful launch of Japanese radar imaging satellite

QPS-SAR-5 was scheduled for launch in early 2023 at the time of the May 2022 contract announcement with Virgin Orbit.

TECHNICAL PRODUCT8/17/2023Japanese SAR company iQPS to launch with Rocket Lab after Virgin Orbit bankruptcy

Virgin Orbit was scheduled to launch Spire’s first 16U cubesat for NorthStar Earth and Space in mid-2023 before Virgin Orbit collapsed into bankruptcy.

NARRATIVE PLAN8/8/2023GHGSat orders four more greenhouse gas monitoring cubesats from Spire

Virgin Orbit laid off 675 employees, about 85% of its workforce, in late March 2023 and later filed for Chapter 11 bankruptcy and liquidated its assets.

NARRATIVE GOVERNANCE8/5/2023Astra lays off, reassigns employees as it refocuses on satellite propulsion

Virgin Orbit laid off 675 employees, about 85% of its workforce, in late March 2023 and later filed for Chapter 11 bankruptcy and liquidated its assets.

NARRATIVE GOVERNANCE8/5/2023Astra lays off, reassigns employees as it refocuses on satellite propulsion

Multiple aerospace companies have agreed to acquire Virgin Orbit’s assets out of bankruptcy, including Rocket Lab.

ORG RELATIONSHIP6/22/2023NorthStar pivots to Rocket Lab following Virgin Orbit’s collapse

While Tony Gingiss was at Virgin Orbit, the company achieved the first liquid-fueled air-launched rocket flight.

TECHNICAL PRODUCT6/16/2023Terran Orbital names a new COO

Stratolaunch received approval from the U.S. Bankruptcy Court for the District of Delaware to acquire Virgin Orbit’s modified Boeing 747 and its related parts and equipment.

NARRATIVE GENERAL5/30/2023Stratolaunch expands their fleet with Virgin Orbit’s modified Boeing 747

Virgin Orbit filed for Chapter 11 bankruptcy in the United States on 2023-04-04.

NARRATIVE GOVERNANCE5/18/2023U.K. government won’t buy Virgin Orbit

Virgin Orbit filed a stalking-horse bid agreement with Stratolaunch on 2023-05-16 under which Stratolaunch would buy Virgin Orbit’s Boeing 747 aircraft and related equipment for $17,000,000.

ORG RELATIONSHIP5/18/2023U.K. government won’t buy Virgin Orbit

As of 2023-05-17, Arqit is the largest unsecured creditor identified to date in Virgin Orbit’s Chapter 11 bankruptcy process with a $10,000,000 claim.

NARRATIVE GENERAL5/16/2023Arqit launches sale of satellite division

Virgin Orbit received $60,000,000 in loans from Richard Branson since November and has largely ceased operations, laid off most employees, and filed for bankruptcy.

NARRATIVE FINANCIAL5/10/2023America’s SPAC-funded NewSpace industry is crashing

Virgin Orbit received $60,000,000 in loans from Richard Branson since November and has largely ceased operations, laid off most employees, and filed for bankruptcy.

NARRATIVE GENERAL5/10/2023America’s SPAC-funded NewSpace industry is crashing

Virgin Orbit stated that if Chapter 11 restructuring is allowed, it would seek to conduct its next launch before the end of 2023 with a customer that is currently on contract for that launch.

NARRATIVE GOVERNANCE4/23/2023Virgin Orbit completes LauncherOne investigation as Chapter 11 bankruptcy continues

Virgin Orbit has not disclosed the customer contracted for the planned launch before the end of 2023.

TECHNICAL PRODUCT4/23/2023Virgin Orbit completes LauncherOne investigation as Chapter 11 bankruptcy continues

Virgin Orbit reported a net loss of $191,100,000 in 2022, compared to net losses of $157,300,000 in 2021 and $121,700,000 in 2020.

NARRATIVE FINANCIAL4/23/2023Virgin Orbit completes LauncherOne investigation as Chapter 11 bankruptcy continues

Virgin Orbit completed a SPAC merger at the end of 2021 that yielded substantially less cash than expected after many SPAC shareholders redeemed their stock.

NARRATIVE FINANCIAL4/11/2023Virgin Orbit seeking expedited bankruptcy sale

Virgin Orbit received $67,800,000 in SPAC proceeds versus a potential total of $382,000,000 from the SPAC transaction.

NARRATIVE FINANCIAL4/11/2023Virgin Orbit seeking expedited bankruptcy sale

Virgin Orbit is working with Ducera Partners LLC to market the company and its assets in the Chapter 11 process.

ORG RELATIONSHIP4/11/2023Virgin Orbit seeking expedited bankruptcy sale
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